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Norsk Hydro ASA has today completed the sale of its 29.7 percent
ownership interest in Qatar Vinyl Company (QVC) to Qatar Petroleum.
The transaction represents net proceeds to Hydro of USD 136 million
(NOK 735 million). The transaction is expected to result in a gain of
approximately NOK 100 million to be recorded in the third quarter
results. This completes the divestment of Hydro's Polymers
activities.
Hydro entered into an agreement to sell its Polymers activities to
INEOS in late May 2007, consisting of production facilities in
Norway, Sweden and the UK, and the 29.7 percent ownership interest in
QVC. The sale to INEOS was completed February 1, 2008, excluding the
QVC ownership interest as Qatar Petroleum exercised its pre-emptive
right to acquire the QVC ownership interest.
Press contact
Contact Halvor Molland
Telephone +47 22532421
Cellular +47 92979797
E-mail Halvor.Molland@hydro.com
Investor contact
Contact Stefan Solberg
Telephone +47 22539280
Cellular +47 91727528
E-mail Stefan.Solberg@hydro.com
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Certain statements included within this announcement contain
forward-looking information, including, without limitation, those
relating to (a) forecasts, projections and estimates, (b) statements
of management's plans, objectives and strategies for Hydro, such as
planned expansions, investments or other projects, (c) targeted
production volumes and costs, capacities or rates, start-up costs,
cost reductions and profit objectives, (d) various expectations about
future developments in Hydro's markets, particularly prices, supply
and demand and competition, (e) results of operations, (f) margins,
(g) growth rates, (h) risk management, as well as (i) statements
preceded by "expected", "scheduled", "targeted", "planned",
"proposed", "intended" or similar statements.
Although we believe that the expectations reflected in such
forward-looking statements are reasonable, these forward-looking
statements are based on a number of assumptions and forecasts that,
by their nature, involve risk and uncertainty. Various factors could
cause our actual results to differ materially from those projected in
a forward-looking statement or affect the extent to which a
particular projection is realized. Factors that could cause these
differences include, but are not limited to: our continued ability to
reposition and restructure our upstream and downstream aluminium
business; changes in availability and cost of energy and raw
materials; global supply and demand for aluminium and aluminium
products; world economic growth, including rates of inflation and
industrial production; changes in the relative value of currencies
and the value of commodity contracts; trends in Hydro's key markets
and competition; and legislative, regulatory and political factors.
No assurance can be given that such expectations will prove to have
been correct. Hydro disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Norsk Hydro
http://www.hydro.com
ISIN: NO0005052605
Stock Identifier: XOSL.NHY
US: NHY
